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For the backtest period (January 1998 to September 2019), the trend following strategy produced a Sharpe ratio of 0.266, compared to SPY’s Sharpe ratio of 0.459. The positive performance of the trend-following strategy over the approximately 20-year time horizon indeed suggests the existence of statistically significant, anomalous, systematic, excess returns from trends. Furthermore, the paper suggests the anomaly is universal across 3 other asset classes (currencies, stock indices and bonds). 
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This tutorial demonstrates trends as one of the most powerful sources of anomalous excess returns in financial markets. We hope to inspire the community to develop more trend-based strategies and encourage you to test out this strategy on other asset classes from the original paper. 
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